NEVS, a Swedish electric-vehicle startup most well known for its try to restart manufacturing of Saab vehicles early final decade, shut down this month.

In a terse assertion on the NEVS web site, the corporate mentioned it’s closing down its manufacturing growth actions as a part of a “hibernation plan.” The corporate additionally mentioned it’s taking inquires concerning the sale of its properties.

Automobilwoche (subscription required) reported final week that Polestar has utilized to make use of a former Saab R&D facility in Trollhättan, Sweden, for growth of electrical powertrains.

NEVS was final owned by Evergrande Group, the Chinese language conglomerate whose foremost property growth arm bumped into monetary hassle in 2021 with money owed of greater than $300 billion. At the moment, with funding drying up, NEVS started to search for a purchaser.

Evergrande managed to remain afloat and in late 2022 one other of its EV startups, Hengchi, began buyer deliveries of automobiles in China.

NEVS had additionally deliberate to launch its personal electrical automobiles, however the firm later centered on growing mobility providers, together with a self-driving taxi service.

NEVS initially acquired the property of Saab in 2012 after the automaker went bankrupt the earlier yr. The unique plan was to proceed manufacturing of Saab vehicles in each Sweden and China, and whereas NEVS managed to briefly restart manufacturing of the Saab 9-3 in 2013 at Saab’s personal plant in Trollhättan, manufacturing got here to a cease lower than two years later after NEVS ran out of funds.

NEVS then misplaced the rights to using the Saab identify (the rights are owned a consortium that features the Swedish protection group also called Saab) in 2014, and later tried to launch EVs beneath its personal identify however in the end failed to take action.

This text was initially printed by Motor Authority, an editorial accomplice of ClassicCars.com